Chanda Kochhar, former MD and CEO of ICICI Bank, stands to lose 9.82 crore she earned as performance bonus between April 2009 and March 2018 as CEO of the bank. Besides, almost 57 lakh shares (stock options) that the bank granted to Kochhar between April 2009 and March 2018 and that have not been exercised or vested/unvested or disposed stand revoked.

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That’s the financial import of the announcement by the bank — after Justice B N Srikrishna’s indictment — terming Kochhar’s resignation as a sacking and deciding to “claw back” all bonuses paid to her from April 2009 when she took over as MD & CEO.

An analysis of the stock options granted by the bank to Kochhar over the last nine years shows that the bank gave a total of 94 lakh shares to Kochhar. While the former ICICI Bank CEO exercised 36.8 lakh shares worth Rs 134 crore (as of Wednesday’s closing), over 57 lakh shares granted by the bank over the years have not been exercised and hence stands revoked.

The value of those shares amounts to Rs 221 crore. While Kochhar currently holds 33.3 lakh shares, she disposed of 3.5 lakh shares since May 2015 as per the data available at BSE.

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Over the last three years (FY’16 and FY’18), the bank granted over 15 lakh shares each year to Kochhar and in the previous two years (FY’14 and FY’15) it granted her 14.5 lakh shares each year.

Incidentally, after reports of alleged impropriety and conflict of interest in March 2018, Kochhar accelerated the process of exercising and acquiring stock options granted to her and acquired 7.32 lakh shares until September 2018.

These acquisitions do not get affected by the board’s decision on Wednesday.

While she exercised and acquired 65,000 stock options until May 2018, she acquired the remaining 6.67 lakh stock options in six instalments between the time the bank’s board ordered an independent enquiry including forensic audit in May 2018 and until Kochhar stepped down in October 2018.

In fact, just before Kochhar stepped down as CEO of ICICI Bank on October 4, 2018, she exercised 2,39,250 stock options granted to her by the bank. This was the single largest chunk of acquisition in the nine instalments between April 10, 2018 and September 28, 2018.